Board Hires Director of Registration and Inspections

Washington, D.C., March 3, 2003

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The Public Company Accounting Oversight Board (PCAOB) announced today that it has hired George H. Diacont to serve as Director of Registration and Inspections, effective mid-March. “George’s extensive and intensive experience in all aspects of accounting will be extremely valuable to the Board as we continue to carry out our mission,” said Charles D. Niemeier, Acting Chairman of the Board.

In commenting on his new position, Mr. Diacont said, “I’m ecstatic that the Board has given me this opportunity to be part of a process that is so important to the public interest and to the accounting profession.”

Currently, Mr. Diacont is Chief Accountant, Listing Investigations, for NASDAQ. He provides advice and assistance in connection with investigations, reviews and analyses, coordinates with the Securities and Exchange Commission (SEC) and interprets its requirements and the technical accounting and accounting requirements of the profession. In December 2002, he received the NASDAQ President’s Award for exemplary performance. Mr. Diacont spent 24 years at the SEC, first as staff in the Division of Enforcement and the Office of the Chief Accountant, then as Acting Chief Accountant in the Office of the Chief Accountant and as Chief Accountant in the Division of Enforcement. There, he was involved in all aspects of policy formulation, oversight of standard setting and enforcement. He began his career as a staff auditor with Haskins & Sells. Mr. Diacont also served five years as an officer in the US Marine Corps.

A 1969 graduate of Towson State College with a BS in Accounting, Mr. Diacont earned an MBA from the University of Maryland in 1972. He is a Certified Public Accountant, licensed in Maryland.